Here’s a company report from Atte on Administer regarding its Q4 results 
The company’s efficiency measures began to show good results in the latter part of the year, and Q4 earnings improved more than we expected. This year, in addition to the integration of the large Sarastia acquisition, the company’s focus is on ensuring growth and continuing profitability improvement across all business operations. We expect Administer’s organic growth to remain slightly negative this year, but with development beginning to improve in H2. Continued earnings improvement and the successful integration of Sarastia offer Administer clear earnings growth potential for the coming years, in light of which the stock’s valuation (2026e P/E 11x) is not particularly demanding. However, relying on this would currently require a bit too much optimism. Additionally, due to AI fears, the valuations of software and service companies have recently been hammered down significantly, which means Administer’s valuation does not yet appear particularly attractive in relative terms. We reiterate our Reduce recommendation and adjust our target price to EUR 2.6 (previously EUR 2.7).